Last time we talked about the first three areas to work through in maximizing your
current resources. They were:
• Recognize the obvious
• Unconventional breakthroughs
• Face the facts
Today we’ll cover the next three, which are:
• Reveal your business’ soul
• From breaking even to breaking the bank
• Stand up and stand out
Reveal Your Business’ Soul
Every business has a soul and you likely felt it the strongest when your business was just
starting. It’s that passion, newness and momentum you had at the very beginning.
Sometimes that can get lost along the way as your business gets stagnant and set in its
ways. You have to break out of that rut and get back to your business’ true soul.
The philosophy of putting your client’s needs above your own is the true key to success.
You need to serve your clients not sell to them. They want to build a relationship based
on trust, not a used car. Add to these responsibilities your ability to solve problems,
handle special situations, be a friend to your clients and focus on offering valuable, high
quality products/services. Only then will you get back to the basics and find you have
more resources than you thought.
From Breaking Even to Breaking the Bank
One of the classic and most used ways to attract clients is to offer them a ridiculously
low price on their initial purchase and lock them in for future purchases. You see this
approach with movie or book clubs and even credit card companies who offer lower
interest rates for the first six months.
Essentially, you are offering them a deal on their first purchase and then you offer them
back-end and add-on products along the way. These are naturally higher prices and will
bring them in to more of an intimate relationship with you and your company.
Stand Up and Stand Out
You need to stand out from the pack among your competitors. They only way you can
do this through consistency and value. You do this by discovering what your USP
(Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and
develop your USP:
1. Look for unfilled needs in your industry.
2. Use preemptive marketing.
3. Use a technique that is clear and to the point.
This wraps up this post. If you need help with any of these areas and techniques, try our
FREE test drive to access a wealth of resources and tools
Category: Uncategorized
Maximise your resources – Part 1
Over the next few posts we’re going to talk about how to take a hard look at your
current resources and get the most out of them. This can help your capital go further
and increase your profit margin.
Today we’ll cover three different ways to maximize what you already have. These
include:
• Recognize the obvious
• Unconventional breakthroughs
• Face the facts
Recognize the Obvious
Sometimes when you are too close to something, you can’t make out the big picture.
You need to step back and really take a hard look at the resources you currently have in
front of you. You are surrounded by opportunities that can boost your career and help
your business become more successful.
Unconventional Breakthroughs
Don’t sit around waiting for breakthroughs you need to create them yourself. A
breakthrough is merely a new way of doing things or finding a new thing to do for the
same or better results. You should be having regular brainstorming sessions and
encouraging your team to come forward with breakthroughs or ideas any time they
have them.
Some great examples of breakthroughs are:
• A health and beauty company discovers a side effect of a product that can be remarketed and sold.
• A company creates a roll-on deodorant inspired by the shape and size of a ball
point pen.
• The founder of Nike poured rubber onto a waffle iron and created the most
innovative and successful running shoe ever.
When attracting or strategizing for a breakthrough there are some key objectives you
need to keep in mind. They are:
1. Looking for the hidden opportunity in every situation.
2. Looking for at least on cash windfall for your business every three months.
3. The more value for your client, the better your breakthrough.
4. Creating multiple streams of idea to find the best breakthroughs.
5. Effective breakthroughs remove all risk or resistance.
Face the Facts
Before you can put your breakthroughs to work you need to face the facts of the
processes and systems that are not working for you and work to correct or get rid of
them. System analysis is a good way to do this. Once you have a listing of your strengths
and weaknesses, you need to compare those to the strengths and weaknesses of your
competitors.
There are some great questions you can present to you and your team to get a handle
on where your business is right now. They are:
1. Why did I first start this business? Why am I in this industry?
2. What products/services did I offer then? Which were the most popular?
3. Why are my customers/clients buying from me right now?
4. How did I generate new customers/clients then?
5. Which of my marketing efforts were bringing in the best results?
Once you’ve got some answers to these questions, you’ll know better how to approach
your weaknesses.
These three areas we’ve gone over give you a jumping off point for how to utilize your
current resources to their fullest potential. If you need any help with your strategic or
systems analysis, try our FREE test drive to work with one of our amazing business
coaches
5 Killer Mistakes – Part 3
The last 2 posts covered the first four of the killer mistakes you can make that will not
only make you lose your fish, but possibly your entire company. Today we’re going to
talk about the fifth killer mistake: Up Cash Creek Without a Paddle.
Even when business is good, there’s still a chance of running out of cash flow. You have
to always be prepared for a slow in sales or a surge in expenses. One of the keys to
balancing your cash flow is to get your clients to pay on time. This can seem like a
nightmare but is absolutely essential to a successful business.
Here are some tips to speed up the payment process:
• Always send invoices on time and adjust your records for potential audits.
• Learn how the client processes payments on their side and find out precisely
where to send invoices.
• Find out who’s in charge of processing orders and payment, so you know who to
contact if needed.
• Have a follow-up procedure in place, just in case.
• As a last resort, call your contact to ask questions.
• Always make sure your invoices are correct before sending them out.
You also need to make sure your cash flow is protected. You can do this by:
• Always know which accounts need paid and when.
• Negotiate with your suppliers for the lowest cost possible.
• Have a bank contingency plan in place.
• Build your own investor network.
These are all great ways to protect the cash flow of your business and prepare for fish
transitions and slow sales. These last few lessons are all about finding and catching your
big fish clients. These clients are essential to your success and you need to take the time
to work through each of these steps carefully and correctly for the best success.
If you need help with any step of the process of catching your fish or subsequent big fish
clients, try our FREE test drive for access to a wealth of great tools and resources as well
as our business coaching staff
5 Killer Mistakes
There are 5 big mistakes that will kill a deal with a big fish. They are:
- Not meeting the client’s expectations
- Mishandling a client crisis
- Taking on more than you can handle
- Putting all your eggs in one basket
- Up cash creek without a paddle
Any one or combination of these can not only kill the partnership but have the ability to take down your company as well. We’re going to take a bit of time to talk about each one of these, in this lesson we’ll cover the first two.
Not Meeting Client’s Expectations
It’s essential you give your client’s exactly what you promised during the negotiation portion of your relationship. If an event does happen where there is no way to meet the client’s expectations, not only do you have to find a way to fix the situation, but you also have to find out where it all went wrong.
A couple of things could have contributed to this problem:
- Bad salesmanship. This could mean the salesperson was trying too hard to seal the deal and didn’t listen to the client’s needs.
- Lack of communication. This breakdown occurs between the salesperson and your operations department.
In order to avoid these mistakes, you need to put a clear plan of action into place that all of your sales staff needs to follow:
- Think before you speak.
- Give yourself a break.
- Perfect your process.
- Pre-format over-deliverables.
- Stay hands-on throughout the entire process.
- Define success.
Mishandling a Client Crisis
Crises will happen, but how you respond and fix them will define your company and interaction with your clients. You need to respond quickly and effectively. This will help you gain even more trust and confidence from your client.
Some simple tips can help you deal with any client crisis:
- Take responsibility and apologize no matter who is at fault.
- Act swiftly and effectively.
- Step in and take control of the situation.
- Never point fingers or place blame.
- Stay in constant communication with your client.
- Stay calm throughout the situation.
- Keep your eye on the ball.
Now, that you know the top two mistakes you can make to kill a big fish deal, you’ll know better how to avoid making these mistakes in the first place and know how to put a plan of action into place in case of a crisis.
If you need help with any of this, try our FREE test drive to get all the help you could ever need.
Next time we’ll talk about the 3rd and 4th killer mistake you can make in working with big fish clients.
Keep Up The Momentum!
In the last post we talked about negotiating with your big fish and how to nurture and build on the relationships you are creating. Today we’ll talk about the power your fish has and how to utilize that for your benefit.
One of the most important aspects of this is to keep your cheerleader cheering. This refers to the ally you created in the company and who needs to stay loyal to you for you to continue a profitable partnership with your fish. You can keep your champion going by offering or doing a number of things to show appreciation. Some of these things are:
- Share the limelight.
- Help them thank their company with new products and services.
- Emotionally connect them to your company.
- Know when to leave them alone.
- Keep your “family” happy.
- Stay on the front lines.
Now that you have some ideas of how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need:
- Power
- Information
- Better work experience
These are all great ways to feed your alliance. You need to go into a relationship considering the things a big fish can offer you besides money. These can include:
- The opportunity for your business to expand
- The opportunity to learn from the experience and find ways to grow
- The opportunity to improve your processes, systems and other means of doing business
These are some of the best ways to keep your alliances going strong and your partnerships fresh and content.
If you need help with any of these tactics, try our FREE test drive for great tools and resources that can help you every step of the way.
Bring Them Flowers!
There are a few things you need to do and consider to prepare for your first face to face meeting:
- Make a list of what you want to accomplish during the meeting.
- Anticipate potential concerns from the client.
- Check to make sure you are completely prepared.
- Listen more than you talk.
- Bring support staff with you.
- Use and respect the clients’ format.
- Always follow through.
- Ask for what you need and seal the deal.
- Simplify your prospects life.
- Find ways to boost your credibility.
- Build and nurture relationships.
- Learn from “no”. Find out what didn’t work so you know how to change it for the next time.
These are all important things to do both before and during your presentation. With confidence behind your company and product you will catch that big fish. The next step of the process is negotiation. This can seem a little intimidating but with a few tips and tricks can become natural to you.
Here are some tips to help you negotiate successfully:
- Build a pricing strategy and stick with it.
- Prioritize what you plan to offer. This should include what really matters to you and what you are willing to give in on.
- Don’t give in too quickly.
- Negotiated with a person, not a “company”. Don’t let their answer be that they would like to, but can’t.
- Don’t sell yourself short.
- Mitigate your pricing. If you go too low, you won’t be able to raise it back up and you need to make a profit.
- Don’t sacrifice quality for the deal.
- Your services should always count as costs.
- Boost margins with add-ons.
- Handle request for proposals with the utmost care.
These are the ways you make sure that both parties are getting the best possible situation from the partnership. Once you start meeting or working together, it’s important to continue to build your relationship so that the representative becomes as big of an ally that best suits you. They are more likely to vouch for you and build on the partnership you have with their company.
We like to call this person a champion. They are a champion for your company and can bring a stronger, brighter future to your company. Here are the characteristics of a great champion:
- They are respected by supervisors.
- They are socially networked.
- They think in the best interest of their company, long term.
- They are able to quickly navigate through the company to get things done.
- They are willing to give credit to another person.
- They share the same business philosophy, values, and vision as you.
Now, that you know how to negotiate for what is best for both parties and build on relationships, we’re going to talk about how to use your fish’s power to the best of your benefit.
If you need help with any of the negotiation or courting process, try our FREE test drive to get access to a wealth of great tools and resources to help you be successful.
The Perfect Bait
In the last post we talked about how to learn about your big fish and prepare for the first contact you’ll make with them. This first contact is essential to your success. You need to instill confidence in them. They need to know you can fulfill exactly what you are offering on time, at a good price and at the quality you promise.
Today we’ll actually go through the big approach and how to make that perfect first impression. Before you put together your approach plan, you need to choose which big fish you’re going after. Take a look at your notes and the research you’ve done about prospective fish. Then decide which one will be the easiest approach to start out with.
There are a series of things to go through in choosing which fish to start with. They are:
- Position Your Business
- Compile Your Hit List
- Select the Best Target
Position Your Business
You need to position your business to make the first move by listing your revenue streams, your operational procedures, where your fish is initially positioned, your big-customer research, and putting it all together.
Compile Your Hit List
Start with a list of all the companies you’ve been considering. Then narrow it down to the ones who know could use your products or services. Don’t overlook obvious choices, whether they are big or small. Even small companies could be big fish in the future.
Select the Best Target
Once you’ve got your list narrowed down, you need to decide which one is the best fish to start with. You need to consider a couple of things:
- Which have the most purchasing resources to spend?
- Does their company vision compliment yours?
- What are their employee incentive programs as they relate to your products/services?
- What’s the company’s real need for you?
- Will the partnership lead you off-course?
Now you should have a target in mind to start with. It’s time to plan your approach and execute that plan.
Here’s the step-by-step plan to help you make a good first impression:
- Build and analyze your database. Divide your leads into three different categories: hot leads, great fits, and secondary leads.
- Send out introductory mailings to your target to introduce yourself, your company, services, products, and vision. They need to be short, clean, and concise.
- Follow up with your first phone call 2-3 days after they would have received the mailings. During the phone call find out whom you need to be speaking with in the future and try to set up a meet with the right person.
- Follow up your phone call with another mailing that thanks them for taking the time to speak with you and offer more details about your products/services. Use this letter and opportunity to set up a meeting to do a presentation.
- Follow up the letter with another phone call a couple of days after they would have received the letter. This phone call is to help you further develop your relationship with the prospective client. You should also be able to set up a presentation meeting with them.
- Call again a week later if they haven’t agreed to a meeting or presentation. Ask if they received your creative letter (the second one) and if they have a minute when you can stop by and introduce yourself in person.
Now, don’t be upset if you don’t seal the deal right away. Some people simply take a little longer to woo. This can all be a little intimidating at first, but when you know you are offering a quality product/service, you can’t go wrong.
Once you’ve gone through this process and make first contact (and hopefully a good first impression) it’s time to put your best face forward, which means sending the right salesperson to seal the deal.
If you need help putting together your approach and make a good first impression, try our FREE test drive to work with a coach and have access to a wealth of great resources and tools.
Untangle the red tape
In the last post we talked about how to bring the big-company mindset into your business and your team. This will help you overcome the mental obstacles that will keep you from being successful. Now, that you’ve learned how to overcome that, we’re going to talk about who your fish is. It’s important to know about the fish you are looking for before you put a plan together. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way.
The most important thing to know about your fish is their purchasing habits and procedures. There are four main things you need to work on in order to be successful:
- Responsibilities: You need to know who has influence over purchasing, who does the actual buying and who can kill a deal if they want.
- Get on Their List: You need to know how to get on their list of people to buy from. Your name needs to not only be on the list, but at the top of it and in as many categories as possible for more interaction. Ask about a procurement program and what you need to do to go through the application process.
- Lingo: You need to learn the company’s unique language and communications methods. These could include report names, buzzwords and even the nicknames they have for their employees.
- Fiscal Budgets: It’s essential you know the fish’s fiscal budget, so you know exactly when they are planning their expenses for the year.
Now that we’ve talked a little about what you need to know about your fish, let’s a quick look at the “red tape”.
Bureaucracy might as well be a four-letter word with the emotions it stirs in all of us. “Red tape” is a necessary evil, but one you can use to learn from. There are two ways to learn from their system:
- Analyze their activity.
- Review their correspondence.
Being an outsider looking in can have its advantages too. If you hate dealing with the “red tape”, imagine how their employees feel dealing with it. If they need to crunch some numbers, offer to do it. If they need more info, make sure you are giving it to them in a user-friendly way.
The things we talked about in this lesson will help you prepare for the big approach. If you need help with any of this, try our FREE test drive to find the right tools to get the job done.
Be at one with the fishes
In the last post we started our series on catching big clients, or “fish”, that will sustain your business over the long run. Today we’re going to take that a step further by talking about how to understand and think like a big fish company and how that can help you plan your approach and find success.
Before you can start the process of landing big clients, you have to make sure your entire team is onboard with your approach and vision. There are six keys to finding big client success. They are:
- First Impression: You must remember you have one shot to land a big client. If you make a mistake, they aren’t going to consider you again. Never give them a reason to doubt your abilities.
- First Priority: Your fish must always feel like they are your first priority. Returns calls and emails immediately and find solutions to their problems or questions as quickly as possible.
- Flexible: You need to be flexible in your negotiations. If they need a special service or for you to customize a product, say yes for the benefit of the long term. A little hassle now will be a big pay off later.
- Long-term: This goes along with the last one a bit. As you are approaching and negotiating with big fish you need to think about the long term benefits for your business. If you go for a ones-time big score you will lose their interest.
- Have Fun: Work should be fun, even when trying to land big clients. In fact, this should be the most fun. You are sharing your vision with new people and including them in your future success and likewise. People simply work better in a fun, happy environment. Your passion will also be contagious and pull the fish into your vision even more.
- Help Them: If you take just a little bit of time and offer your clients ways to save money or time by introducing them to potential business partners, this will show you really are invested and interested in their business. Strive to find balance between your business needs and your client’s needs.
There are also a few tactics you can use to bring in a big-company vision to the people on your team. You can:
- Post these six keys for all to see.
- Put together a performance based incentive program.
- Conduct frequent team meetings.
- Use a “right now” policy that dictates big fish calls be answered immediately.
- Offer awards/recognition for big-company ideas and executions.
- Put together a training and certification program based on the six keys above.
These 6 keys and tips will help you instill a big-company mindset through your company which will help you be more prepared and more likely to land your big fish. Once your team is thinking this way, you’ll be unstoppable.
If you need help putting together an incentive program or other way to push your team toward the big-company mindset, try our FREE test drive to work with one of our coaches or check out our resources and tools.
Are you growing by 1%?
The Rule of 1% is simply defined as improving your customer service one percent at a time. Before you can do this, you must have your consistency perfected or it will never work. This one percent may seem small, but if you approach the vision for your company with baby steps, you will find a huge increase over a solid chunk of time. It’s not a sprint, it’s a marathon.
Avoid doing too much at once or you’ll set yourself up for failure. Think of the confidence you and your employees will have when you improve one percent each week. By the end of a year, you’ll have improved more than 50%!
While, rules and standards are necessary for growth, always be flexible with your best customers. Most retailers only allow a set number of items into a dressing room to reduce the risk of shoplifting, but it generally restricts the large percentage of people who are not stealing from you. Flexibility is the key to what you deliver to your customers and consistency is the key to how you deliver it.
The bottom line is customers rely on you to deliver what you promise. If you spend too much on bulky advertising that promises more than you can deliver, even your best intentions will unravel quickly, and you will fail.
Focus on your vision and baby steps to turn your satisfied customers into Raving Fans.
I hope you’ve learned a lot about good customer service and how it’s essential to your overall success. If you need help with any of the steps we’ve gone through over the last four lessons, try our FREE test drive and get access to some of the best resources, tools and coaches available.
In upcoming posts we’re going to explore strategies of bagging the big clients and keeping them.
